IES forecasts price reduction in diesel, LPG for first-pricing window of July; price of petrol to remain same
The Institute for Energy Security (IES) has released its estimations for the first pricing window of July 2023, shedding light on the anticipated changes in local fuel prices. According to the IES Economic Desk, the Ghanaian market is expected to experience marginal adjustments in Gasoil (diesel) and LPG prices, while Gasoline (petrol) prices are projected to remain unchanged. These estimations come in the wake of recent developments in the international fuel market, where the prices of various commodities have witnessed fluctuations.
With a price decrease of 2.64% and 3.09% recorded for Gasoil and LPG respectively during the second pricing window of June 2023, the IES projects a marginal reduction in the prices of these commodities for the first two weeks of July. This news will come as a relief to consumers who can expect a slight dip in the prices of Gasoil and LPG during this period.
Gasoline prices are expected to remain stable, largely due to two key factors. Firstly, the international price increase for Gasoline is not significant enough to trigger a price hike in the local market. Secondly, the Ghana Cedi’s depreciation against the U.S. Dollar has had an insignificant impact on Gasoline prices. Consequently, consumers can anticipate no major changes in Gasoline prices during the initial fortnight of July.
The IES also reported a marginal loss in the Ghanaian currency’s trade against the U.S. Dollar. At the commencement of the pricing window, the Ghana Cedi traded at Gh¢11.81, compared to a closing rate of Gh¢11.85, reflecting a loss of 0.34%. This observation was based on the monitoring of the domestic foreign exchange (Forex) market by the IES Economic Desk.
Currently, the national average prices for Gasoline, Gasoil, and Liquid Petroleum Gas (LPG) stand at GH¢11.80p, GH¢11.83p per liter, and GH¢10.30p per kilogram, respectively. These figures were derived from an extensive analysis of price data obtained from the domestic fuel market.
The IES’ estimations provide valuable insights into the anticipated trajectory of fuel prices in Ghana for the first pricing window of July 2023. While Gasoil and LPG prices are expected to witness marginal reductions, Gasoline prices are projected to remain steady, reflecting the stable nature of the Ghanaian fuel market amidst international fluctuations.
